Forbes (September 27)
2010/ 09/ 30 by jd in Global News
Steve Forbes writes that the resignation of Robert Herz as chairman of the Financial Accounting Standards Board (FASB) is “good news for investors and the economy.” Forbes blames Herz for requiring banks and insurance companies to use mark-to-market accounting. The 2007 FASB decision “unnecessarily destroyed some $500 billion in regulatory capital of these institutions in 2008–09, thereby triggering the financial panic.”
Tags: FASB, Mark-to-market, Robert Herz
